I have 2 Cap 1 QS cards (3K and 2.5K), the first of which is set to auto-CLI to $3.5K on August 15th, the second of which I just got an auto CLI of $500 a little over 30 days ago.
My NFCU NRewards card unsecured about 3 months ago, graduated from $200 to $2K.
I'm assuming at this point, it would be better to move everything to NFCU? Also, I make multiple payments per week, but was wondering if it made better sense to make 1-2 payments per month, making sure not to let it report more than 9%, but using more of my CL? Just wasn't sure what strategy would lead to a better CL from NFCU.
My scores are 657 EQ, 635 TU, and 633 EX. Utilization is less than 1%, bankruptcy was discharged in August of last year.
Thanks to all.
@md_rebuild wrote:I have 2 Cap 1 QS cards (3K and 2.5K), the first of which is set to auto-CLI to $3.5K on August 15th, the second of which I just got an auto CLI of $500 a little over 30 days ago.
My NFCU NRewards card unsecured about 3 months ago, graduated from $200 to $2K.
I'm assuming at this point, it would be better to move everything to NFCU? Also, I make multiple payments per week, but was wondering if it made better sense to make 1-2 payments per month, making sure not to let it report more than 9%, but using more of my CL? Just wasn't sure what strategy would lead to a better CL from NFCU.
My scores are 657 EQ, 635 TU, and 633 EX. Utilization is less than 1%, bankruptcy was discharged in August of last year.
Thanks to all.
Well I have an opposite experience, wherein I'm sitting secured with cap1, and unsecured now with NFCU.
Me personally, I've moved almost all my spend to NFCU since they were willing to work with me while I rebuild.
Assuming your nRewards graduated around the 7 month mark and that was 3 months ago, your almost at 1 year with a revolver relationship with NFCU. I might consider a second card for a potential amazing SL and move my spend there.
requesting @Anonymous 😆
@PicoFico you do know the capone card will almost certainly never secure? Just want to make sure you're not waiting on it. They do not graduate.
@md_rebuild I canceled all of my cap one cards and went all in with NFCU, they've just been more helpful in terms of APR, limits, and customer service. No reason that you need to cancel your cap one cards though. You can just put a charge on them every 4-6 months and use them to help pad your utilization. Just know that CapOne is unlikely to extend CLIs with little use, whereas NFCU probably will. Just a matter of personal preference.
My first NFCU card went from 3900 to 9900 at 91/3, with very little usage and typically multiple payments per month. They do not seem to care. CapOne from what I've read here wants to see you really do need more.
@recoveringfrombk7 wrote:@PicoFico you do know the capone card will almost certainly never secure? Just want to make sure you're not waiting on it. They do not graduate.
@md_rebuild I canceled all of my cap one cards and went all in with NFCU, they've just been more helpful in terms of APR, limits, and customer service. No reason that you need to cancel your cap one cards though. You can just put a charge on them every 4-6 months and use them to help pad your utilization. Just know that CapOne is unlikely to extend CLIs with little use, whereas NFCU probably will. Just a matter of personal preference.
My first NFCU card went from 3900 to 9900 at 91/3, with very little usage and typically multiple payments per month. They do not seem to care. CapOne from what I've read here wants to see you really do need more.
I do, but thank you! Unfortunately, it's my oldest account so it will remain until my newer ones can age past 2 years.
@Anonymous wrote:If you want to grow the Capital One card, you will want to use it. NFCU cards grow with very little spending. I have put maybe $4K on my NFCU cards since 9/2018 and despite that, I have grown from one card with a $3K limit to 2 cards with limits totaling $19,500 and a $500 CLOC.
My Capital One Platinum grew from $300 with Credit Steps to $8250 over the course of about 4 years but that's not the norm with them and they were also the only lender I had from 2014 to 2017 (I had the PlayStation card as well) so they were getting every bit of my spending after I PC'd to QS.
If it were me, I would give the spend to NFCU. The only reason they don't get more spend from me is because I have cards that earn more elsewhere.
I am also an advocate for the KISS approach with credit cards - use, pay statement balance, repeat. There is no need to make things complicated. You only need to worry about the balances reporting when you're actively seeking credit. Neither NFCU or Capital One are going to cut your limits for using your cards as intended if you're PIF every month no matter the utilization percentage. Obviously don't max them out, try to keep them under 60% IMO, but sticking to 8.9% is a hassle when you aren't actively seeking credit.
Thanks Saeren (and others). Cap 1 were the first ones to take me back in after BK (before I reactivated by NFCU account), and I assumed they were going to grow slowly. I have 2 QS cards, 1 is a sock drawer card and the other I was running about $1K through it in a month. I think I'll take your advice and swich everything to NFCU.
I am wanting to get my scores up to above 680 in the next year, so I'm very trigger shy on apping for any new cards, but I have thought of getting a Discover Secured Card (the only product that's showing on the prequal page). I wasn't sure if it would be good to diversify and have the Discover card, since it would graduate, or if it made no difference.
@md_rebuild wrote:
@Anonymous wrote:If you want to grow the Capital One card, you will want to use it. NFCU cards grow with very little spending. I have put maybe $4K on my NFCU cards since 9/2018 and despite that, I have grown from one card with a $3K limit to 2 cards with limits totaling $19,500 and a $500 CLOC.
My Capital One Platinum grew from $300 with Credit Steps to $8250 over the course of about 4 years but that's not the norm with them and they were also the only lender I had from 2014 to 2017 (I had the PlayStation card as well) so they were getting every bit of my spending after I PC'd to QS.
If it were me, I would give the spend to NFCU. The only reason they don't get more spend from me is because I have cards that earn more elsewhere.
I am also an advocate for the KISS approach with credit cards - use, pay statement balance, repeat. There is no need to make things complicated. You only need to worry about the balances reporting when you're actively seeking credit. Neither NFCU or Capital One are going to cut your limits for using your cards as intended if you're PIF every month no matter the utilization percentage. Obviously don't max them out, try to keep them under 60% IMO, but sticking to 8.9% is a hassle when you aren't actively seeking credit.
Thanks Saeren (and others). Cap 1 were the first ones to take me back in after BK (before I reactivated by NFCU account), and I assumed they were going to grow slowly. I have 2 QS cards, 1 is a sock drawer card and the other I was running about $1K through it in a month. I think I'll take your advice and swich everything to NFCU.
I am wanting to get my scores up to above 680 in the next year, so I'm very trigger shy on apping for any new cards, but I have thought of getting a Discover Secured Card (the only product that's showing on the prequal page). I wasn't sure if it would be good to diversify and have the Discover card, since it would graduate, or if it made no difference.
You're kind of at a sweet spot with 3 cards at the moment while your scores improve and accounts age.
If it were me, and had to app another card, I would app with NFCU before I went secured with Discover at this point (save that for later or eventually you'll qualify as your NFCU accounts mature your file).
If you were to get approved (not impossible, and I do respect your trigger-shyness) you'd get much better utilization padding vs. Discover secured.
At the same time, you'll be punished a bit for another new account and it's hard to justify that not being at NFCU. Regardless, that punishment goes away over time.
To me, keep your meter pointed at NFCU and everything else will fall into place fairly easy over time after. Otherwise your fighting against a current that isn't necessary since you have NFCU at your disposal.
Just my humble $.02. 😆